due to my disagreement with the currency, monetary and credit policies conducted by the central bank board which leads to the destabilisation of the
hryvnia,' Savchenko told journalists, confirming an earlier report.
Reportedly, during the April 2 auction on one of the tenders of Ukrzaliznytsia for supply of 10,000 tons of diesel fuel, SOCAR Ukraine mistakenly offered 28.2 million
hryvnia (more than $1.08 million) instead of the estimated 282 million
hryvnia (more than $10.81 million).
The bank controls the
hryvnia's exchange rate by buying and selling foreign currency on the interbank market.
So far, the effect of the tighter monetary policy has mainly been transmitted through the exchange rate channel, prompting the
hryvnia to strengthen since late January 2018.
It said that the move was prompted by increased stability of the
hryvnia.
With around 12.2 Ukrainian
hryvnia to pounds 1, a pint works out at pounds 1.64, bottled lager is pounds 1.07 and a burger, fries and cola just pounds 2.70.
BANKING AND CREDIT NEWS-25 May 2010-EBRD hopes to get nod for placing
hryvnia bonds by end-2010(C)1994-2010 M2 COMMUNICATIONS http://www.m2.com
The notes are denominated in Ukrainian
hryvnia, but both the coupon payments and principal repayment are settled in US dollars at the prevailing UAH-USD exchange rate.
The move comes as inflation risks have dropped and the
hryvnia is strengthening.
